Greater Vancouver’s housing-market bounce appears to be holding, with September home sales rising by 46% from the same month last year.
It marks the third consecutive month of sales showing year-over-year (YOY) recovery, according to the Real Estate Board of Greater Vancouver (REBGV).
“We’re seeing more balanced housing market conditions over the last three months compared to what we saw at this time last year,” said Ashley Smith REBGV’s president. “Homebuyers are more willing to make offers today, particularly in the townhome and apartment markets.”
REBGV said that 2,333 homes sold last month, up from 1,595 in September 2018. Sales were also up from August, by 4.6%, but they’re still 1.7% below the 10-year average.
While sales rose, inventory remains high, with the total number of homes listed in the region rising by 2.7% from the previous year.
In contrast, home prices continued to slump. The regional benchmark across all home types for September was $990,600, down by 7.3% YOY, and by 0.3% from August.
The benchmark for a detached home was $1.4 million, down by 8.6% YOY and unchanged from August. For apartments, the benchmark was $651,500, down by 6.5% YOY and by 0.4% from August, according to a Global News report.